The cryptocurrency of altcoin project ConstitutionDAO has surged 900% as the collective’s token has become a meme coin. The token is still only worth $0.04, but reached $0.16 over the Thanksgiving weekend. People token holders had two options: redeem their tokens and pay transaction fees or hold them. Details cryptocoin.com‘in.
Altcoin becomes meme coin
The token minted by ConstitutionDAO turns into a meme coin. The coin, given to donors to the crypto community, rallied more than 900% in the last month. In November, 17,000 people donated a total of $46 million to ConstitutionDAO to purchase an original copy of the US Constitution. The People token gave donors a piece of ownership in the DAO or decentralized autonomous organization. But when the group lost at the auction, it offered members two options: use your People tokens and lose money with so-called gas transaction fees, or claim the token and store it in your crypto wallet. Many chose the latter, causing the price to rise.
People coin holders destroyed about 55% of digital tokens. But 37-year-old Rex St. Others like John clung to thinking that the token would have an epic rally like other meme coins shiba inu and Dogecoin. Bloomberg added that $200 worth of tokens are briefly worth $7,200. Since ConstitutionDAO came to the fore last month, the concept of DAOs, which are crypto collectives that come together to achieve a common goal, has become more common. Now, another DAO aims to buy a professional basketball team, while another aims to create an animated series for the movie Dune based on the original movie plots.
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